Boston Capital is investing in the development of the Dahlia Apartments, a 56-unit permanent supportive housing development serving people who have been homeless in Los Angeles. The investment represents Boston Capital's 28th partnership with San Diego-based developer Affirmed Housing.
"With our good friend and partner Jim Silverwood and the folks at Affirmed Housing, we are excited to be involved in creating much-needed supportive housing for individuals facing homelessness in Los Angeles," said Jack Manning, president and CEO of Boston Capital. "We are thrilled to be part of a team helping fill a great need for permanent supportive housing in California, and helping individuals transition from homelessness."
The community will feature 43 studios and 12 one-bedroom units as well as one manager's unit. The apartments will be fully furnished including standard kitchens with microwaves and central air conditioning. Development amenities will include a laundry room, a community room, a computer area, bicycle storage, and an open terrace located on the fourth floor. Residents of the community will benefit from on-site supportive services by Homeless Health Care LA, which will provide intensive case management.
The new homes will serve individuals earning no more than 30% of the area median income.
The Dahlia is being financed with about $9.8 million low-income housing tax credit equity from Boston Capital. To date, the firm has invested in more than 17,000 affordable apartments in California